Bitcoin
Bitcoin to Hit $100K Before US Election says Standard Chartered
Bitcoin is poised for a significant surge, potentially reaching $100,000 by the time of the 2024 U.S. presidential election, according to a forecast by Standard Chartered. The bank’s analysts believe that various factors, including political developments and market dynamics, could drive this unprecedented rise in the cryptocurrency’s value.
Key Takeaways
- Standard Chartered predicts Bitcoin could hit $100,000 by the 2024 U.S. presidential election.
- The bank’s forecast is influenced by potential political changes and market conditions.
- Bitcoin’s price could further rise to $150,000 by the end of 2024 if Donald Trump wins the election.
Bitcoin’s Potential Surge
Standard Chartered’s head of forex and digital assets research, Geoffrey Kendrick, has shared an optimistic outlook for Bitcoin. He predicts that the cryptocurrency could reach a new all-time high by August 2024 and hit $100,000 by the U.S. election in November. Currently, Bitcoin is trading around $62,000, but Kendrick believes a significant rise is imminent.
Kendrick also forecasts that Bitcoin’s price could soar to $150,000 by the end of 2024, especially if Donald Trump wins the presidential election. He suggests that Trump’s favorable stance towards cryptocurrencies could create a more supportive regulatory environment, boosting Bitcoin’s value.
Factors Driving the Prediction
Several factors contribute to Standard Chartered’s bullish prediction for Bitcoin:
- Political Developments: The upcoming U.S. presidential election is a significant factor. A Trump victory is seen as potentially beneficial for Bitcoin due to his supportive stance on digital assets.
- Market Dynamics: The end of the U.S. Federal Reserve’s rate-hiking cycle and improved profitability of crypto mining are expected to positively impact Bitcoin’s price.
- Investor Sentiment: Increased interest from investors seeking alternative assets amid economic uncertainties could drive demand for Bitcoin.
Historical Context and Future Projections
Bitcoin has experienced significant volatility in the past, with predictions of sky-high valuations during previous rallies. For instance, a Citi analyst predicted in November 2020 that Bitcoin could climb as high as $318,000 by the end of 2022. Although Bitcoin closed last year down about 65% at $16,500, the current forecast by Standard Chartered suggests a more optimistic future.
Kendrick’s forecast also includes a potential rise to $200,000 by the end of 2025, driven by continued market developments and increasing adoption of cryptocurrencies.
Standard Chartered’s prediction of Bitcoin reaching $100,000 by the 2024 U.S. presidential election highlights the potential for significant growth in the cryptocurrency market. Political developments, market dynamics, and investor sentiment are key factors that could drive this surge. As the election approaches, all eyes will be on Bitcoin to see if it can achieve these ambitious targets.